Former Gov. George Pataki and state GOP Chair Ed Cox just took the opportunity of Obama’s visit to knock the Democrats, contending that UAlbany’s Nanotech center reflects Republican successes, and now, John Faso, who was the GOP gubernatorial candidate six years ago is taking a stab at it with an opinion piece in the Troy Record.

Faso challenges the president, who is expected to talk jobs and tax credits later today, to address some of the underlying economic, or “math” issues facing the nation.

“America has a math problem,” he writes.

Here’s his piece.

President Obama is in the Capital District today to talk about the economy. While it is always good when a president visits our area, we need substance, not simply more campaign spin. In 2009, Mr. Obama was inaugurated amid great promise and hope. While I didn’t support him in the election, I was optimistic that he meant what he said about bridging the partisan divide to move America forward. My optimism was misplaced.

America has a math problem. Within a few short years, the national debt will exceed the GDP. If we don’t begin to fix these problems now, interest on the debt will swallow up over 20 percent of our budget. Taxes will rise to confiscatory levels – and not just on the “rich.” America is on a path of perpetual slow growth, very high unemployment for young workers. The result will be social and economic turmoil akin to that in Greece, Spain, Italy and France.

Demographic trends require that President Obama speak truthfully to the American people about unfunded liabilities in Medicare, Medicaid and Social Security. U.S. Rep. Paul Ryan, a Wisconsin Republican and Sen. Ron Wyden, a Oregon Democrat, have come up with a bi-partisan plan to save Medicare. Instead of talking about these realities, the president routinely demagogues people like Ryan, saying the GOP will end “Medicare as we know it.” The reality is that Medicare will implode financially if we don’t act soon to fix it.

The President is highlighting high tech industry in his visit, promoting the notion that these technologies and the companies which produce them will be able to compete at home and internationally. Yet, he routinely demagogues successful business and entrepreneurs. The U.S. tax system is a mess. A major impediment for US companies is our 35 percent corporate tax rate, the world’s highest.

The Simpson-Bowles commission recommended that the US reform its corporate tax code to better reflect the worldwide economy in which our businesses compete. Lower corporate tax rates, while eliminating preferences and loopholes is the consensus strategy. Yet, Mr. Obama ignored his own commission and has done nothing to advance a tax plan to help our businesses compete abroad and create new jobs at home.

The President is no better on personal income tax reform either. Playing class warfare, he promotes higher taxes on the wealthy and pretends this will fix our deficit and debt problem. Yet, his new “Buffet Rule” plan would be a drop in the bucket and does nothing to either make the tax code more fair or less complicated. Lower rates, fewer deductions and exemptions and a simpler system can produce all the revenue the government needs – while insuring that the successful pay more. But, like in the corporate tax arena, Mr. Obama has squandered his opportunity to promote a tax reform which advances economic growth.

The president’s energy policy is a bad joke, something upstate New Yorkers see when they pull up to the gas pump. On top of that, $4 home heating fuel is downright scary. Instead of promoting initiatives to develop more domestic energy – like the Keystone Pipeline and new Alaska oil and gas – Mr. Obama has wasted literally billions in failed alternative energy fiascos like Solyndra and the Beacon “flywheel” project in Rensselaer County.

Mr. Obama’s presidency has been a squandered opportunity. First, the $831 billion “stimulus,” only $50 billion of which went to “shovel-ready” projects with billions wasted on propping up state and local government spending but did nothing to help economic growth. Here in Albany, the first stimulus project -reconstruction of Delaware Avenue – simply substituted state and local spending with federal dollars, negating any real economic benefit.

Next, the president rammed thru his health care plan. The costs were intentionally manipulated using ten years of revenue with only six years of spending. Even now, the President is using over $8 billion in “demonstration” spending to mask his intention to decimate successful “Medicare Advantage” programs, which many seniors here in the Albany area depend upon.

Americans need policies which grow the economy. Tax reform for business and individuals to incentivize investment and work. Sound money which isn’t devalued by reckless debt and spending. Energy reform which grows our domestic production. Health care reform which actually encourages new doctors, nurses and health professionals to enter the profession. Lastly, a recognition that all wisdom doesn’t reside in Washington.

Unfortunately, Mr. Obama sees an America dependent on federal largesse and obedient to its dictates. That is not our tradition and hopefully, it is not going to be our future either.

John Faso, is former minority leader of the state Assembly and was Republican candidate for governor in 2006. He resides in Kinderhook.

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